Tech layoffs have been increasing in Southeast Asia as growth slows down. Existing investors are also pushing startups to extend their runways.
In a note to Carousell's employees, CEO Quek Siu Rui acknowledged "critical mistakes" were made. He said he was "too optimistic" about the Covid recovery and underestimated the impact of growing his team too quickly.
"The reality is that we were quick to grow our expenses and hire, but the returns took longer than expected," said Quek, adding that there have been cost-cutting measures in the past few months and Carousell's leadership will take voluntary pay cuts.Quek also said it's only prudent that the company get to profitability as a group as quickly as possible, as it is unclear if market conditions will improve.its revenue in 2020.
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